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Halliburton settles FCPA case for $29.2M

Oil field services giant Halliburton today reached a $29.2 million settlement with the Securities and Exchange Commission over charges that it violated the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act while selecting and making payments to a local company in Angola in the course of winning lucrative oilfield services contracts.

Halliburton, which received approximately $14 million in profits from the deals, also agreed to obtain an independent compliance consultant to oversee its anti-corruption policies and procedures in Africa. Additionally, Halliburton’s former vice president, Jeannot Lorenz, has agreed to pay a $75,000 penalty for causing the company’s violations, circumventing internal accounting controls, and falsifying books and records.